The Car Consultant

GMAC Gets Tight

October 20, 2008 | Categories: buying, finance, negotiations, politics

GMAC has announced that it will be only financing people with 700 credit scores . This I guess is due to the increasing number of people defaulting on their loans.  What some of you may ask is;what does this have to do with me. Gmac is the finance company of GM and if the in house finace is getting that strict then you know that the housing market finance crisis has made  its way down to the automotive industry. Now   another thing that I found interesting is that GMAC said that 70% of the U.S. puiblic has 700 or better credit...

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